By InvestAdvocate

Lagos (INVESTADVOCATE)- Oil marketing firm,  Oando Plc on Wednesday notified its receiving agents to forward their returns to First Registrars Nigeria Limited not later than today Wednesday 11 February 2015, the company said in issuer’s announcement with the Nigerian Stock Exchange (NSE).

Lead Issuing House to the offer, Vetiva Capital Management Limited said this is coming on the heels of the closure of the Acceptance list for the oil marketer’s rights issue on Wednesday 28 January 2015.

“Please also note that in line with the recently published notice to shareholders of Oando Plc, the variation of the terms of the rights issue will only be effected during the allotment process. Receiving agents should ensure that all acceptance/renunciation forms received are completed in line with instructions contained therein,” the company said.

Oando on December 03, 2014 commenced to raise $300 million (48.8 naira billion) through a rights issue of 2,217,265,184 ordinary shares of 50 Kobo each at N22 per share.

The company had before the closure of the rights issue sought a two (2) extension and changed its price from the initial N22.00 per share to N16.50 per share.

According to Oando, the revision was required to better align the terms of the rights issue with current market conditions, given the 28 percent fall in the NSE All Share Index over the last three (3) months.

It also said the rights is on the basis of four (4) new ordinary shares for every ordinary share of 50 Kobo each held as at the close of business on Friday, 25 July 2014 for those shareholders whose names appear on the Register of Members and transfer books maintained in Nigeria and shareholders whose names appear on the Register of Members and transfer books of the company which are maintained in South Africa as at the close of business on the Friday October 28, 2014.